Sinclair Broadcast Group said on Monday that it has agreed to buy Tribune Media for about $3.9 billion.
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Sinclair is buying Tribune Media for $3.9 billion to create a local-TV behemoth (TRCO, SBGI)
Sinclair hopes to "create a leading nationwide platform that includes our country's largest markets."
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Tribune operates 42 TV stations including the cable network WGN America and several CBS, ABC, and Fox affiliates. It also has minority stakes in the Food Network and the website CareerBuilder. Sinclair is one of the largest operators of local TV news stations in the US.
By buying Tribune, Sinclair intends to "create a leading nationwide platform that includes our country's largest markets," according to CEO Chris Ripley in a statement.
Sinclair is buying 100% of Tribune's outstanding shares for $43.50 apiece, for an aggregate price of about $3.9 billion. That includes about $2.7 billion in net debt.
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Sinclair closed at $40.29 a share on Friday, giving it a market cap of $3.5 billion.
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